Oil Price Archives — Page 2 of 5

July 13, 2022 No Responses

Nigeria’s Crude Oil Production Averaged 1.238m bpd In June

Nigeria’s crude oil production increased to an average of 1.238 million barrels per day (bpd) in June 2022, the Organisation of the Petroleum Exporting Countries (OPEC) has said OPEC made this known in its Oil Market Report for July 2022...

May 11, 2022 No Responses

Oil Tumbles On Global Economic Worries

Oil prices tumbling more than 1% on Tuesday, extending the previous day’s steep declines as coronavirus lockdowns in top oil importer China, a strong dollar and growing recession risks fed worries about the outlook for global demand. Reu...

May 8, 2022 No Responses

Ibom Air Will Not Withdraw Flight Services, Says CEO

Ibom Air is not taking part in the proposed withdrawal of flight services as announced by Airline Operators of Nigeria (AON). AON had hinged its resolve to shut down domestic flights on the increase in the price of aviation fuel. In...

May 6, 2022 No Responses

Oil Edges Up On Supply Jitters

Oil prices edged up on Thursday on supply worries after the European Union (EU) laid out plans for new sanctions against Russia including an embargo on crude. Reuters report that pressure from a stronger dollar and a drop in global...

April 1, 2022 No Responses

US Orders Release Of Oil Reserves

US President Joe Biden has ordered a major release of oil from America’s reserves in an effort to bring down high fuel costs. The release of up to 180m barrels of oil over six months is the largest since the...

March 29, 2022 No Responses

Why India Is Buying More Russian Oil

(BBC) Russia is seeking new markets for its oil exports as Western sanctions tighten – and India has been taking advantage of discounted prices to ramp up imports from the country. The US has said that although these oil imports...

March 21, 2022 No Responses

Japan Presses UAE To Pump More Oil

Japan on Sunday urged the United Arab Emirates to pump more oil to calm markets rocked by Russia’s invasion of Ukraine, the latest major consumer to lobby Gulf producers.The plea by Japan’s Foreign Minister Yoshimasa Hayashi came during m...

March 10, 2022 No Responses

Oil Prices Plunge As UAE Supports Supply Boost

Oil prices have plunged after the United Arab Emirates said it supported increasing production. Brent crude, an international benchmark, fell more than 17% at one point after the statement by the UAE, a member of the powerful oil cartel Opec. ...

March 7, 2022 No Responses

Oil Price Soars To Highest Level In 14 Years

Oil prices have soared to the highest level since 2008 after the US said it was discussing a potential embargo on Russian supplies with its allies. Brent crude – the global oil benchmark – spiked to above $139 a barrel,...

March 4, 2022 No Responses

Oil Surge Rattles Markets As Ukraine Conflict Intensifies

Oil prices soared again on Thursday as the Ukraine war triggered a dash for commodities that could be in short supply, while stock markets slipped as investors worried about higher inflation and slowing economic growth. Brent crude oil rose more...

February 23, 2022 No Responses

Oil Prices Surge As Ukraine-Russia Tension Climb

Oil and gas prices climbed on Tuesday on fears the Ukraine-Russia crisis will disrupt supplies across the world. The price of Brent crude oil, an international benchmark, touched a seven-year high of more than $99 (£73) a barrel after President Vla...

February 5, 2022 No Responses

Oil Hits Seven-Year High

Oil prices surged to seven-year highs on Friday, extending their rally into a seventh week on ongoing worries about supply disruptions fueled by frigid U.S. weather and ongoing political turmoil among major world producers.Reuters reports that Brent ...

February 5, 2022 No Responses

Nigeria’s Fuel Subsidies Back Under The Spotlight

By LukmanOtunuga, Senior Research Analyst At FXTM — The explosive surge in oil prices over the past few months has been good news to energy producing countries including Nigeria. It is worth keeping in mind that Africa’s largest economy acquires...

January 27, 2022 No Responses

Oil Falls On Profit-Taking

Oil prices fell on Thursday as investors cashed in profits from the 2per cent gains in the previous session after the U.S. Federal Reserve indicated an interest rate hike in March, leading to a technical correction in surging energy markets....